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Pioneer Power Solutions(PPSI) - 2023 Q4 - Annual Report
2024-07-26 20:59
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-35212 Critical Accounting Estimates FORM 10-K ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Delaware 27-1347616 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Securities registered pursuant to Section 12(g) of the Act: None To date, no cybersecurity incident (or aggregation of incidents) or cyberse ...
Pioneer Power Solutions(PPSI) - 2023 Q4 - Earnings Call Transcript
2024-04-02 02:28
Pioneer Power Solutions, Inc. (NASDAQ:PPSI) Q4 2023 Earnings Conference Call April 1, 2024 5:00 PM ET Company Participants Brett Maas - Hayden Investor Relations Nathan Mazurek - Chairman and Chief Executive Officer Walter Michalec - Chief Financial Officer Conference Call Participants Robert Brown - Lake Street Capital Markets, LLC Amit Dayal - H. C. Wainwright & Co. Andrew Parker - Horizon Kinetics LLC Operator Good afternoon, everyone. Welcome to today's Pioneer Power 2023 Fourth Quarter and Year-End Fin ...
Pioneer Power Solutions(PPSI) - 2023 Q4 - Annual Results
2024-04-01 20:10
Revenue Performance - Revenue for 2023 was $40.8 million, a 51.1% increase from $27.0 million in 2022[4]. - The company expects revenue of $52 to $54 million for 2024, indicating approximately 30% year-over-year growth, with EPS guidance of $0.31 to $0.34[15]. - Revenue from the Electrical Infrastructure segment increased by 71% in 2023, while revenue from the Critical Power Solutions segment increased by 16%[11]. - Consolidated revenue for Q4 2023 was $7.7 million, a 19% decrease from $9.5 million in Q4 2022, primarily due to order timing shifts[7]. Profitability - Gross profit reached $10.4 million, with a gross margin of 25.5%, compared to $4.6 million and 17.1% in 2022, representing a 125% increase in gross profit and an 840 basis point increase in margin[4]. - Gross profit for Q4 2023 was $1.8 million, or 22.7% of revenue, down from $2.8 million, or 29% of revenue in Q4 2022[8]. - Net income for 2023 was $138,000, or $0.01 per share, compared to a net loss of $3.6 million, or $(0.37) per share in 2022, an improvement of $3.7 million[4]. Backlog and Deliveries - Total backlog increased to $45.9 million as of December 31, 2023, up 36% sequentially from $33.6 million as of September 30, 2023[4]. - The company delivered $9 million of E-Bloc products to a major automaker and $6 million to three California water districts in 2023[6]. Tax and Losses - The company had $14.6 million of federal net operating loss carryforwards as of December 31, 2023[4].
Pioneer Power Solutions(PPSI) - 2023 Q3 - Earnings Call Transcript
2023-11-15 17:22
Pioneer Power Solutions, Inc. (NASDAQ:PPSI) Q3 2023 Earnings Conference Call November 15, 2023 9:00 AM ET Company Participants Brett Maas - Hayden IR Nathan Mazurek - President, CEO & Chairman Walter Michalec - CFO, Treasurer & Secretary Geo Murickan - President of Pioneer's eMobility business Conference Call Participants Amit Dayal - H.C. Wainwright Albert Jones - Jones Capital Management Operator Greetings and welcome to the Pioneer’s 2023 Third Quarter Financial Results. [Operator Instructions]. As a rem ...
Pioneer Power Solutions(PPSI) - 2023 Q3 - Quarterly Report
2023-11-14 21:05
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-35212 PIONEER POWER SOLUTIONS, INC. (Exact name of registrant as specified in its charter) Delaware 27-1347616 (State or other jurisdiction of incorporation ...
Pioneer Power Solutions(PPSI) - 2023 Q2 - Earnings Call Transcript
2023-08-15 01:14
Pioneer Power Solutions, Inc. (NASDAQ:PPSI) Q2 2023 Earnings Call Transcript August 14, 2023 5:00 PM ET Company Participants Kim Rogers - Hayden IR Nathan Mazurek - President, CEO & Chairman Walter Michalec - CFO, Treasurer & Secretary Conference Call Participants Sameer Joshi - H. C. Wainwright David Kreinberg - Globus Capital Operator Good afternoon and welcome to the Pioneer Power Solutions 2023 Second Quarter Financial Results Conference Call. [Operator Instructions]. Please note this event is being rec ...
Pioneer Power Solutions(PPSI) - 2023 Q2 - Quarterly Report
2023-08-14 20:15
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-35212 PIONEER POWER SOLUTIONS, INC. (Exact name of registrant as specified in its charter) Delaware 27-1347616 (State or other jurisdiction of incorporation or or ...
Pioneer Power Solutions(PPSI) - 2023 Q1 - Earnings Call Transcript
2023-05-15 22:42
Pioneer Power Solutions, Inc. (NASDAQ:PPSI) Q1 2023 Earnings Conference Call May 15, 2023 4:30 PM ET Company Participants Brett Maas - Hayden IR Nathan Mazurek - President, CEO & Chairman Walter Michalec - CFO, Treasurer & Secretary Conference Call Participants Amit Dayal - H.C. Wainwright & Co. Shawn Boyd - Next Mark Capital Operator Good afternoon, and welcome to the Pioneer Power First Quarter 2023 Financial Results Conference Call. [Operator Instructions]. Please note this event is being recorded. I wou ...
Pioneer Power Solutions(PPSI) - 2023 Q1 - Quarterly Report
2023-05-15 20:44
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 400 Kelby Street, 12th Floor Fort Lee, New Jersey 07024 (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code: (212) 867-0700 Securities registered pursuant to Section 12(b) of the Act: OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR ...
Pioneer Power Solutions(PPSI) - 2022 Q4 - Annual Report
2023-04-11 21:00
Financial Performance - Total consolidated revenues for 2022 were $27 million, a 47.5% increase from $18.3 million in 2021[127]. - The T&D Solutions segment generated revenues of $17.4 million in 2022, up 83.5% from $9.5 million in 2021[127]. - The Critical Power Solutions segment reported revenues of $9.6 million in 2022, a 8.8% increase from $8.8 million in 2021[127]. - The company's gross profit for 2022 was $4.6 million, compared to $1.4 million in 2021, reflecting a significant improvement[127]. - For the year ended December 31, 2022, consolidated revenue increased by $8.7 million, or 47.5%, to $27.0 million, up from $18.3 million in 2021, primarily due to increased sales of power systems from the T&D Solutions segment[129]. - Revenue from switchgear and E-Bloc power system product lines increased by $7.9 million, or 83.3%, compared to 2021, driven by higher sales of E-Bloc power systems and automatic transfer switches[130]. - Gross profit for the year ended December 31, 2022, was $4.6 million, a 230.7% increase from $1.4 million in 2021, with a consolidated gross margin percentage of 17.1%, up from 7.6%[132]. Order Backlog - The order backlog at December 31, 2022, was $37.2 million, an increase of $14.4 million, or 63%, compared to $22.8 million at December 31, 2021[128]. - The T&D Solutions backlog increased to $30.9 million in 2022 from $17.5 million in 2021[128]. - The Critical Power Solutions backlog rose to $6.3 million in 2022 from $5.3 million in 2021[128]. Expenses and Losses - The net loss for 2022 was $3.6 million, compared to a net loss of $2.2 million in 2021[127]. - Selling, general and administrative expenses increased to $8.4 million in 2022 from $5.1 million in 2021[127]. - Consolidated selling, general and administrative expenses increased by approximately $3.4 million, or 64.3%, to $8.6 million in 2022, as a percentage of revenue rising to 31.3% from 28.1% in 2021[135]. - The Critical Power segment reported an operating loss of $2.0 million for the year ended December 31, 2022, an increase of $1.6 million, or 420.3%, compared to 2021, mainly due to higher consulting and marketing costs[141]. - Unallocated corporate overhead expenses increased by $1.4 million, or 57.6%, during the year ended December 31, 2022, primarily due to increased payroll and stock-based compensation[143]. Cash Flow and Working Capital - Cash on hand as of December 31, 2022, was $10.3 million, an increase from $9.9 million in 2021, with total cash and restricted cash reported at $10.3 million compared to $11.7 million in 2021[150]. - Cash used in operating activities increased to $5.8 million in 2022 from $3.2 million in 2021, primarily due to working capital fluctuations[153]. - Cash provided by investing activities was $4.7 million in 2022, a significant increase from cash used of $237 in 2021, mainly due to collecting unpaid principal and interest from Seller Notes[154]. - Cash used in financing activities was $353 in 2022, compared to cash provided of $7.6 million in 2021, which included net proceeds from common stock issuance[155]. - Working capital decreased to $14.1 million as of December 31, 2022, from $18.6 million in 2021, with cash on hand of $10.3 million[156]. - The company expects cash requirements to be primarily for operating activities, capital improvements, and product development, with sufficient cash balance to fund operations for the next twelve months[162]. Capital Expenditures and Future Outlook - Additions to property and equipment were $1.5 million in 2022, up from $237 in 2021, indicating increased capital expenditures[164]. - The company has no off-balance sheet transactions or obligations that could materially affect its financial condition as of December 31, 2022[163][167]. - Future operating results may be impacted by factors such as cyclical industry nature, raw material price fluctuations, and ongoing economic conditions, including the effects of COVID-19 and geopolitical tensions[165]. - As of December 31, 2022, $8.6 million of common stock remained available for issuance under the ATM Program[160]. Business Strategy - The company plans to grow its business through continued internal investments in product development and expansion of personnel[114]. - Interest income for the year ended December 31, 2022, was approximately $465, up from $387 in 2021, primarily generated from Seller Notes and cash on hand[144]. - The company received a PPP Loan of $1.4 million, which was fully forgiven in Q1 2021, resulting in a gain recognized as other income[151][152].